Ripple CEO Says Trump’s Crypto Transformation Signals Industry Breakthrough

In a series of recent remarks, Garlinghouse praised Trump’s apparent embrace of cryptocurrencies, arguing that the upcoming administration’s posture could decisively shape the global regulatory landscape.

Trump, who famously dismissed Bitcoin as a “scam” in 2021 for challenging the U.S. dollar’s supremacy, has since taken steps that pro-crypto advocates see as reversing course on his early hostility. Within weeks of winning the November election, he has appointed staunch crypto supporters to key positions and publicly vowed to push the United States toward what he calls a blockchain-driven economic future. 

Some of these moves, including the selection of pro-crypto political figures and the creation of a top advisory post devoted to cryptocurrency and artificial intelligence, have coincided with significant market rallies. 

President-elect Donald Trump has appointed venture capitalist David Sacks as the White House’s inaugural “AI and Crypto Czar.” Sacks, a former PayPal executive and close associate of Elon Musk, is set to steer U.S. policy in the rapidly evolving sectors of artificial intelligence and cryptocurrency.

Garlinghouse, who leads Ripple—an American blockchain firm whose digital currency, XRP, soared above $100,000 in the wake of Trump’s appointments before retreating slightly—recently sat for an interview on CBS’s “60 Minutes.” When asked about Trump’s shift in perspective, Garlinghouse responded, “I think it’s clear that Donald Trump embraced crypto and crypto embraced Donald Trump.”

From Hostility to Embrace

Trump’s original skepticism toward digital assets was no secret. In 2021, he criticized Bitcoin for undermining the U.S. dollar and warned that the nascent market operated in a regulatory gray area. At the time, many in the crypto space feared increased scrutiny and even outright bans.

That fear has faded. Since clinching the presidency, Trump has repeatedly pledged to foster growth in digital assets. During his campaign, he signaled support for streamlined rules that would promote crypto adoption and innovation on American soil. Now, as the president-elect, his appointments offer tangible evidence of that commitment.

Perhaps the most notable move came when Trump announced that crypto-friendly figure Paul Atkins, a former Securities and Exchange Commission (SEC) commissioner known for more moderate views on digital assets, would replace Gary Gensler as SEC chairman. This decision alone, analysts say, triggered a notable market reaction, sending Bitcoin to all-time highs above $103,600 before a pullback. Such enthusiasm underscores just how closely tied the crypto market’s sentiment has become to regulatory positioning in Washington.

“Trump Embraced Crypto And Crypto Embraced Trump”

Garlinghouse’s comments highlight a two-way relationship that has emerged between Trump and the digital asset community. “I didn’t have a front-row seat to” Trump’s initial skepticism, the Ripple CEO said. But today, he added, the connection is undeniable: “I think it’s clear that Donald Trump embraced crypto and crypto embraced Donald Trump.”

This mutual embrace, in Garlinghouse’s view, helped reshape the electoral landscape in 2024. Crypto companies, stung by what they perceived as overreach under the Biden administration, pooled resources and funded influential super PACs that invested heavily in candidates who took a friendlier view of digital assets. The result, Garlinghouse noted, was a series of victories for crypto-aligned lawmakers and a shift in power that encouraged Trump to double down on his pro-crypto stance.

The Ripple chief insisted the industry’s hefty political spending was about shaping constructive rules, not buying elections. “At the end of the day, voters voted,” he said, emphasizing that the crypto community merely sought to educate the public and candidates on the potential benefits of digital assets.

Signaling A Pro-Industry Agenda

Beyond personnel changes, Trump’s creation of a newly minted “AI and crypto czar” position underscores his administration’s broader ambitions. David Sacks, a seasoned Silicon Valley investor with close ties to tech magnate Elon Musk, will head the role. According to Trump’s announcement, Sacks is tasked with ensuring the U.S. leads globally in both cryptocurrency and artificial intelligence. The move is widely interpreted as a marked departure from the more cautious approach taken by the Biden White House, which sought stricter guardrails around digital finance.

Sacks’s new position could ease tensions between Washington and the crypto sector. Under Gensler’s SEC, the industry faced what it deemed a “war on crypto,” manifested in lawsuits, enforcement actions, and a lack of regulatory clarity. Ripple’s Garlinghouse has long lamented these conditions, attributing the formation of powerful crypto-focused super PACs, like Fairshake, to the perceived regulatory onslaught. “If there had been a different SEC chair than Gary Gensler,” Garlinghouse said, “I’m not sure Fairshake would exist.”

Clear Rules And American Competitiveness

Garlinghouse argues that the new administration’s friendly posture is about more than market cheerleading—it’s about providing a stable home for an industry often accused of operating in murky legal territory. He points out that many crypto firms simply want “clear rules of the road,” ensuring that investors and innovators can thrive without fear of regulatory whiplash.

Brad Garlinghouse, X

This position resonates with policymakers who say that, until now, America’s uncertain stance has driven crypto innovation offshore, leaving American consumers potentially less protected. Trump’s pro-crypto pivot could encourage legislation like the FIT21 bill, a bipartisan measure that would create a clearer regulatory framework and assign more oversight to the Commodity Futures Trading Commission (CFTC). Advocates say such rules would safeguard investors, spur responsible innovation, and keep the U.S. competitive.